Yep, a bird in the hand is worth two in the bush.
How Chris Reed’s Neometals came to be at the heart of Mercedes-Benz’s battery plan (copyright link)
NMT sold a world-class asset to go & chase rainbows & unicorns which then resulted in mud being thrown back in the face of shareholders. I was unhappy when NMT announced they would sell Mt Marion, but I held on because Chris always talked about the downstream opportunities within the lithium sector. Great! Where are they? NMT has battery recycling technology & could provide worldwide services to the battery sector. Great! Where are they?
Stelco has gone quiet & MB is royalty-free for the foreseeable future.
Nothing from Itochu for a long time, so I'm assuming they're gone!I'm speechless & honestly disgusted with today's announcement. For the last few months my heart would always skip a beat when there was an announcement from NMT. Now? It looks like the bottom draw for many years & multiple CR's incoming. I can't believe it. Hundreds of millions of dollars...gone. GONE!
Vanadium is used within the battery sector & the EU has classified it as a critical metal. The EU wants to secure its own supplies as most of it is processed within Russia & China. I could understand cancelling the project if the "powers that be" just didn't want to fund this project, but financing was progressing well as per the last quarterly. It just looks as though NMT got cold feet & decided to bail.
Critical Metals on X: "Once in operation, the Vanadium Recovery Project will supply c. 3% of the global vanadium supply, and it will be the only European vanadium producer. #criticalmetals https://t.co/shsmkGd1Gg" / X (twitter.com)
Critical Metals on X: "Great news for #vanadium flow batteries, it really is about to go stratospheric! China’s $7tn energy overhaul sparks battery ‘gold rush’ https://t.co/j7f7hnckQS" / X (twitter.com)
Chris needs to hang his head in shame.
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